Eastern Bank Welcomes Metropolitan Cabinets & Countertops as a Commercial Customer

Rhea-AI Summary

Eastern Bank announces a new commercial banking relationship with Metropolitan Cabinets & Countertops, providing $23 million in financing, including a revolving line of credit and real estate funding. Metropolitan, founded in 1984, operates a 150,000 square foot facility and four showrooms in Greater Boston. This collaboration aims to enhance Metropolitan's operational efficiency and cash flow. Eastern Bank, based in Boston, has over $17 billion in total assets and offers various commercial financing solutions.

Positive

• Eastern Bank provides $23 million in financing to Metropolitan, enhancing operational efficiency.
• Metropolitan Cabinets & Countertops has a strong presence with a 150,000 sq ft facility and multiple showrooms.

Negative

• None.

Provides Financing for Working Capital and Real Estate

BOSTON--(BUSINESS WIRE)-- Eastern Bank is pleased to announce Metropolitan Cabinets & Countertops (Metropolitan) as a new commercial banking customer. Founded in 1984, Metropolitan is a family run business that provides custom cabinetry and countertops to residential and commercial customers across New England. Metropolitan has grown from a three-person company into a leader in the cabinet and countertop industry with a 150,000 square foot manufacturing facility and four showrooms in Greater Boston. Eastern Bank is providing $23 million in financing, which includes a revolving line of credit as well as financing for various real estate.

“Metropolitan is very excited to be working with Eastern Bank. The Eastern team has made the transition very easy, and their customer service has been wonderful. We feel that we’re in great hands,” said Stuart Elfland, President and Founder of Metropolitan Cabinets & Countertops.

“Metropolitan has been routinely recognized with industry awards for its outstanding product and customer service, and with charitable awards for its commitment to giving back to the local community, and we are proud to welcome them to Eastern,” said Greg Buscone, Executive Vice President, Senior Commercial Banking Officer of Eastern Bank.

Eastern provides a range of commercial financing offerings to help companies across many industries to improve cash flow, increase efficiencies and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending and employee stock ownership plan-related financing.

The Commercial Banking team advising Metropolitan includes Executive Vice President, Senior Commercial Banking Officer Greg Buscone, and Senior Vice President and Commercial Relationship Manager Cate Adams.

About Eastern Bank

Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of June 30, 2021, Eastern Bank had approximately $17 billion in total assets. Eastern provides banking, investment and insurance products and services for consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC subsidiary. Eastern takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern employs approximately 1,900 deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock holding company for Eastern Bank. For investor information, visit investor.easternbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210901005910/en/

Media contact:

Andrea Goodman

Eastern Bank

a.goodman@easternbank.com

781-598-7847

Investor contact:

Jill Belliveau

Eastern Bankshares, Inc.

InvestorRelations@easternbank.com

781-598-7920

Source: Eastern Bank

FAQ

What financing did Eastern Bank provide to Metropolitan Cabinets & Countertops?

Eastern Bank provided $23 million in financing, including a revolving line of credit and real estate funding.

When was the financing announcement made by Eastern Bank?

The financing announcement was made on September 1, 2021.

What is the stock symbol for Eastern Bankshares?

The stock symbol for Eastern Bankshares is EBC.

Where is Metropolitan Cabinets & Countertops located?

Metropolitan Cabinets & Countertops operates in Greater Boston, Massachusetts.

What is the total asset of Eastern Bank as of June 30, 2021?

As of June 30, 2021, Eastern Bank had approximately $17 billion in total assets.